Division 1 General provisions
Division 2 Recovery and resolution planning
Division 1 General provisions
Division 2 Compulsory transfer of business of pertinent financial institution
Division 2A Reverse transfer of business and onward transfer of business
Division 3 Compulsory transfer of shares of pertinent financial institution
Division 4 Compulsory restructuring of share capital of pertinent financial institution
Division 4A Bail-in powers
Division 4B Termination rights
Division 5 Assistance to foreign resolution authorities and domestic authorities
Division 5A Recognition of foreign resolutions
Division 5B Resolution funding
Division 5C Compensation
Division 6 Miscellaneous
Division 1 General provisions
Division 2 Assistance to AML/CFT authorities
Division 3 Assistance to domestic authorities
Division 4 Additional provisions for Divisions 2 and 3
Division 5 Inspection by AML/CFT authority
| Division 1 — General provisions |
| Application and interpretation of this Part |
| Information of insolvency, etc. |
| 32.—(1) Any relevant financial institution which is or is likely to become insolvent, which is or is likely to become unable to meet its obligations, or which has suspended or is about to suspend payments, must immediately inform the Authority of that fact. [9/2013; 31/2017]
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| Action by Authority if relevant financial institution unable to meet obligations, etc. |
33.—(1) The Authority may exercise any one or more of the powers specified in subsection (2) as appears to it to be necessary, where —
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| Effect of assumption of control under section 33 |
| 34.—(1) Upon assuming control of the relevant business of a relevant financial institution, the Authority or statutory manager (as the case may be) must take custody or control of the relevant business. [9/2013; 31/2017]
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| Duration of control |
35.—(1) The Authority must cease to be in control of the relevant business of a relevant financial institution when the Authority is satisfied that —
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| Responsibilities of officers, member, etc., of relevant financial institution |
36.—(1) During the period when the Authority or statutory manager is in control of the relevant business of a relevant financial institution —
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| Remuneration and expenses of Authority and others in certain cases |
37. The Authority may at any time fix the remuneration and expenses to be paid by a relevant financial institution —
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| Voluntary transfer of business of relevant financial institution |
38.—(1) A transferor may transfer the whole or any part of its business (including any business that is not the significant business of the transferor) to a transferee, if —
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| Approval of transfer of business of relevant financial institution |
| 39.—(1) A transferor must apply to the Court for its approval of the transfer of the whole or any part of the business of the transferor to the transferee under section 38(1). [9/2013; 31/2017]
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| Disqualification or removal of director or executive officer of relevant financial institution |
40.—(1) Despite any other written law —
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| Provisions as to compromise or arrangement relating to certain financial institutions, etc. |
| 40A.—(1) This section applies despite any other written law. [40/2018]
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| Power of Authority to make regulations for this Part |
| 41.—(1) The Authority may make regulations for the purposes of this Part, including regulations to prescribe anything which may be prescribed under this Part. [9/2013; 31/2017]
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